Why is corporate governance and compliance important this time of year in San Diego and Southern California? The owners, managing shareholders or controlling members of a business, corporation or LLC have a responsibility to protect the corporate veil by performing regular actions and ensuring implementation of consistent policies and practices throughout the company. What is the importance of corporate governance and compliance and how can a San Diego company ensure they have taken every step necessary to fulfill their fiduciary duties to their LLC or corporation?
The Elements of Corporate Governance and Compliance
Corporate governance and compliance begins with the mandatory meetings required of any corporation or LLC. Shareholders or members are required to meet regularly and written records or “minutes” of the meetings must be kept. However, the importance of corporate governance and compliance extends to far greater areas of responsibility including the practices of managers and employees who represent your business and the steps taken to ensure your company is in full compliance with all federal, state and local laws and regulatory requirements.
Your company must have practices and procedures in place to comply with all employment and wage and hour laws including but not limited to HIPPA, Sarbanes-Oxley standards, OSHA and even federal and state securities laws. In addition, the corporate compliance officer must ensure that every representative of the business – from the Board of Directors to the least paid employee – understands their responsibilities and conducts themselves in full compliance will all associated laws and regulations.
What makes corporate governance and compliance important this time of year is the natural cycle of business review and planning. Most genuine and effective business entities use this time at the end of the year to reflect upon all that has happened in the past year and what they wish to accomplish in the coming fiscal year.
Are You Focused Upon Corporate Governance and Compliance Important This Time of Year?
The corporate law attorneys at the Watkins Firm have more than 35 years of experience in these matters. We counsel you as our client on the importance of corporate governance and compliance as well as the actual steps they must take to preserve the crucial protections of the corporate veil. We help you to develop systems to consistently monitor, document and implement all aspects of company policies and procedures. We work to ensure your corporation or LLC is fully compliant with federal, state and local laws.
We also provide sound insight and counsel based upon our extensive business experience. What challenges do you face? What actions can you best take to position your company for growth and prosperity in the coming year? Corporate governance not only protects the corporate veil, it establishes a firm corporate foundation which increases the value of your entity while positioning it for maximum opportunity and performance.
If you have questions regarding the importance of corporate governance and compliance and the steps you should be considering we invite you to review the strong recommendations of our clients and contact the Watkins Firm or call 858-535-1511 for a complimentary consultation today.
